CODX vs MI: Correlation
Co-Diagnostics, Inc. (CODX) and NFT Limited Class A (MI) show a very strong relationship: their 3-year correlation of weekly returns is 0.84.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CODX and MI?
Across a 3-year window, the weekly returns of CODX and MI correlate at 0.84, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.88) sits close to the 3-year figure. Stretching to 5 years gives 0.81, with an annualized covariance of 759708.3 %².
MI is one of the assets that tracks CODX most closely: it ranks #1 out of the 24 assets we track against CODX. The last year tells two different stories: MI led by 76.8 percentage points, -87.1% for CODX against -10.3% for MI. Note the risk asymmetry: MI runs 21.8 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
CODX vs MI: side by side
| CODX (Co-Diagnostics, Inc.) | MI (NFT Limited Class A) | |
|---|---|---|
| 1-year return | -87.1% | -10.3% |
| 5-year return | -99.6% | -99.5% |
| Volatility (ann.) | 203.9% | 4443.9% |
| Beta vs S&P 500 | 2.30 | 8.21 |
| Max drawdown (3Y) | -97.9% | -98.5% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CODX | MI |
|---|---|---|
| 2022 | -71.8% | -86.4% |
| 2023 | -47.2% | -66.2% |
| 2024 | -43.6% | -61.9% |
| 2025 | -77.5% | +13.3% |
| 2026 | -75.1% | -28.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CODX and MI good diversifiers for each other?
Not really. At 0.84, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between CODX and MI?
The CODX/MI correlation stands at 0.84 on a 3-year window (1 year: 0.88, 5 years: 0.81), computed from weekly returns as of 2026-08-27.
Is MI a good diversifier for CODX?
Not really. At 0.84, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.84 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/codx-vs-mi.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/codx-vs-mi/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CODX correlations · MI correlations
